Business First Bancshares (BFST) has reported a clean set of numbers for FY 2025, with fourth quarter revenue at US$80.0 million and basic EPS of US$0.71. Trailing twelve month revenue reached US$313.4 million and EPS came in at US$2.78, alongside EPS growth of 38.1% over the past year and a five year compound of 12.2% a year. Over recent periods the company has seen quarterly revenue move from US$70.9 million in Q4 2024 to US$79.2 million in Q2 2025 and US$80.0 million in Q4 2025. Quarterly basic EPS shifted from US$0.52 in Q4 2024 to US$0.65 in Q1 2025 and US$0.71 in Q4 2025. With trailing net margins now at 26.3% compared with 22.9% a year earlier, the latest earnings set up a results season in which you can focus squarely on how that profitability profile lines up with your expectations.

With the headline numbers on the table, the next step is to see how this earnings print lines up with the prevailing stories around Business First Bancshares and where the data pushes back on those narratives.

38.1% EPS growth reshapes the recent trend

• Over the last 12 months, EPS grew 38.1% with a five year compound rate of 12.2% a year, and trailing net income reached US$82.5 million on US$313.4 million of revenue.
• Bullish thinkers often point to that 38.1% EPS jump as evidence of a fresh earnings gear. However, the longer run 12.2% annual EPS compound and quarterly net income in FY 2025 moving in a relatively tight band from US$19.2 million in Q1 to US$21.5 million in Q3 and US$21.0 million in Q4 keeps a question on how much of this acceleration is a new pattern versus a strong year.

To see how those earnings trends fit into the bigger story, some investors break down how management and analysts frame future growth and profitability. 📊 Read the full Business First Bancshares Consensus Narrative.

Margins at 26.3% with steady net interest spread

• Trailing net margin sits at 26.3%, compared with 22.9% a year earlier, while reported net interest margin held at 3.68% through the first three quarters of FY 2025 versus 3.48% in late FY 2024.
• What supports a bullish angle is that the higher margin profile lines up with the progression in trailing net income from US$59.7 million at FY 2024 Q4 to US$82.5 million at FY 2025 Q4. At the same time, the quarterly pattern shows Q3 FY 2025 EPS at US$0.73 slipping slightly to US$0.71 in Q4, which reminds you that even with a higher margin level, profit per share can move around from period to period.
• Across FY 2025 the bank produced quarterly net income between US$19.2 million and US$21.5 million, which is relatively tight for a full year. As a result, the bulk of the 38.1% annual EPS growth is showing up when you compare to the prior year base rather than big swings inside FY 2025 itself.
• The trailing twelve month margin at 26.3% is paired with trailing revenue of US$313.4 million and EPS of US$2.78, which gives some bulls comfort that the current earnings level is supported by both higher revenue and a thicker margin rather than cost cutting alone in the numbers provided.

P/E of 10.8x and DCF fair value gap

• At a share price of US$27.26, the trailing P/E is 10.8x compared with peer and US banks industry averages of 12.4x and 12.1x. The provided DCF fair value is US$56.79, which is more than double the current price.
• For bullish investors, that mix of a lower P/E and a DCF fair value above the share price looks supportive, especially paired with forecast earnings growth of about 13.55% a year and revenue growth around 11% a year. Those same forecasts sit below a 16.2% US market earnings growth outlook, so anyone focusing on growth first might see the bank as more of a value idea than a pure growth name.
• The current trailing numbers combine EPS of US$2.78, revenue of US$313.4 million and a 26.3% net margin, which some bulls argue justifies a P/E closer to the 12.4x peer level, while the market is assigning a lower multiple at the moment.
• On the other hand, critics can point out that with earnings forecast to grow about 13.55% a year versus the broader US market at 16.2% a year, the discount to the DCF fair value and to peer P/E levels still needs ongoing execution to stay intact.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Business First Bancshares's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Business First Bancshares pairs a 38.1% EPS jump with forecast earnings growth below the wider US market, which may leave growth-focused investors wanting more.

If you are looking for companies where growth stories are front and center, use our CTA_SCREENER_LARGE_CAP_HIGH_GROWTH_POTENTIAL to focus on established names with stronger earnings momentum.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.